Abstract:

Nowadays significance of an optimal proportion of borrowed and own capital of companies is intensifying due to the crisis. To find the right solution, it’s necessary to answer the questions, that have not been analyzed profoundly in the literature: what the choice of  a borrowing type depends on,  how it influences on the company financial stability and its’ long term efficiency. Those issues are analyzed in the research with the help of a risk-management tool, which is monitoring of a market reaction to financial decisions.

The aim of the study is the definition and the quantitative assessment of the difference of the shares price response to attraction external capital (bank loans and bonds issue). To achieve the aim an event study is carried out. The key data is based on the observations of the activities of the companies’ share prices that are usually taken into consideration by Moscow Interbank Stock Exchange for its’ index calculation  since January 2000 till March 2016. In this research we come to a paradoxical conclusion that the news about bonds issue has a negative influence on the shares price comparing with the information about bank loans.